Getting EOFY Ready: A Guide for Retirees

As the end of the financial year approaches, it’s an important time and opportunity for retirees to review their finances, take advantage of available tax strategies, and make sure their retirement income is working effectively.

While you may no longer be earning a salary, EOFY still brings important financial considerations, especially when it comes to superannuation, investments, and government entitlements.

Here are some essential tips to help retirees prepare for EOFY and make the most of the opportunities available:

1. Review Your Retirement Income Streams

Whether you're drawing a regular pension from your super or accessing investment income, it’s worth reviewing how your retirement income has performed over the year.

Ask yourself:

• Have you met the minimum pension withdrawal requirements? 

• Is your income strategy still aligned with your lifestyle needs? 

• Could a small adjustment improve your long-term sustainability?

Meeting the minimum withdrawal ensures your income stream remains tax-free in the retirement phase. If you're unsure of the rules or amounts, it’s best to speak with your adviser or fund.

2. Check Your Superannuation Contributions

Even in retirement, certain contributions to super may still be possible—and beneficial.

Downsizer Contributions

If you’ve sold your family home and are aged 55 or over, you may be eligible to contribute up to $300,000 (per person) to super without affecting your contribution caps. This can be a powerful way to boost your retirement savings in a tax-effective environment.

Spouse Contributions

If one spouse is still under age 75 and not retired, consider making a spouse contribution. It may qualify for a tax offset and help balance super between partners.

Non-Concessional Contributions

If you're eligible and under the age threshold, you may still be able to make non-concessional (after-tax) contributions. This can be useful if you’ve received a windfall or sold an asset.

Always check your total super balance and eligibility before contributing to avoid penalties.

3. Maximise Available Tax Benefits

Even in retirement, tax planning still matters. Some common opportunities include:

• Tax-free investment income: If your super is in pension phase, earnings and withdrawals are generally tax-free. 

• Capital Gains Tax (CGT) strategies: If you’ve sold shares or property outside super, consider how to minimise CGT. Opportunities include offsetting gains with capital losses. 

• Tax offsets: Ensure you’re claiming any applicable senior or low-income tax offsets when lodging your return.

If you have assets outside of super, this is also a good time to consider if you’re structured in the most tax-effective way for income and estate planning.

4. Confirm Eligibility for Government Entitlements

EOFY is a natural checkpoint to make sure you’re receiving all the benefits you’re entitled to, such as:

• Age Pension

• Commonwealth Seniors Health Card

• Pensioner Concession Card

• State-based discounts and rebates

Make sure your financial details are up to date with Centrelink or Services Australia, as changes in your income, assets, or drawdown strategy could impact your eligibility.

5. Review Estate Planning and Beneficiaries

While not strictly an EOFY requirement, while you’re considering your financial situation, it’s also a good idea to:

• Review your Will and Power of Attorney

• Ensure your superannuation beneficiaries are current and properly nominated (binding nominations are often preferred) 

• Check if any changes in your family situation or finances warrant updates

A well-structured estate plan gives you peace of mind and can reduce complexity or tax for your loved ones in the future.

6. Speak to a Financial Adviser

EOFY is one of the most valuable times of the year to check in with a professional. A retirement-focused adviser can help you:

• Check your pension strategy and compliance 

• Optimise contributions and withdrawals 

• Identify any tax-saving opportunities 

• Align your retirement goals with your investment approach

Even if your situation hasn’t changed much, it’s still worthwhile to review where you stand and plan ahead. Reach out to an Oracle Advisory Group financial adviser today!

A Smart EOFY Sets You Up for a Stronger Retirement

EOFY isn’t just for business owners and employees. It’s just as important for retirees. Taking time to review your income, contributions, and entitlements can improve your financial position and give you confidence for the year ahead.

A little planning now can reduce taxes, increase income, and support your long-term lifestyle goals, and if you’re not sure about your specific position, be sure to seek your local financial planner in Brisbane, Sydney, Melbourne or the east coast region in Australia.

If you're unsure where to start, reach out to your adviser for tailored guidance—you’ve worked hard for your retirement, so make sure your money is working hard for you too.

Important information – Oracle Advisory Group makes no representation or warranties as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. The information in this document is general information only and is not based on the objectives, financial situation or needs of any particular investor. An investor should, before making any investment decisions, consider the appropriateness of the information in this document, and seek their own professional advice. Past performance is not a reliable indicator of future performance. The information provided in the document is current as the time of publication.